Bitcoin Elliott Wave Macro Update – Wave (5)

🟢 Macro Structure Since November 2022

Since the bottom in November 2022 (~15.5K), Bitcoin has been unfolding a clean impulsive structure, counted as:

(1) – strong breakout from the bear market lows

(2) – corrective pullback as a base

(3) – major impulsive rally with clear volume expansion

(4) – textbook correction right into the white Fibonacci zone, perfectly respected

Now, we are in Wave (5) – the final leg of this larger impulse!

🔄 Internal Structure of (4) → (5)

From the low of wave (4), the price action is developing in a classic 1-2-3-4-5 formation, where:

Wave 1 initiated the breakout

Wave 2 formed a shallow pullback

Wave 3 surged with momentum and volume

Wave 4 seems to have completed (or is finalizing now)
BTCUSD
Wave 5 is upcoming, potentially unfolding as an ABC structure (rather than a straight-line spike), showing a more measured grind toward the top

🔁 Cycle-Level Perspective

This entire impulse from (1) to (5) forms a macro Wave ③ in the larger Elliott Wave cycle.

Given the structure of Wave (5) so far, we may not see a vertical blow-off top but rather a controlled ABC move into the top zone.

🎯 Target Zone for Wave ③

$127,000 – $136,000

Based on Fibonacci projections of waves (1)–(3)

Strong psychological levels

Likely confluence with macro channel resistance and long-term projections

✅ Conclusion

Bitcoin is currently progressing through Wave (5) of the macro impulse that started in late 2022. The structure from Wave (4) suggests a well-organized path forward – possibly forming an ABC structure into the final high of macro Wave ③, with targets in the $127K–$136K zone. This level could mark a major turning point before a deeper corrective phase begins.